Analysis from Braemar says that Liberia’s push to expand its iron ore exports is going to create new opportunities for Capesize vessel demand as 2026 continues.
As a result, larger ships will replace Supramax and Ultramax units on key loading routes.
The company says that although Liberia’s expansion is smaller than Guinea, for example, it is still strategically significant because it creates a complementary corridor from West Africa to both Asia and Europe for Capesize tonnage.
Official data confirms that Liberian exports increased substantially in 2025, to almost 10 million tonnes, which compares to an average of just 4.2 million tonnes per annum in the 2020-2024 period.
Arcelor Mittal ramping up towards a target of 20 million tonnes per annum is a major factor in Liberia’s growth. Activity is also being supported by the rail and port upgrades at Buchanan that now permit regular loadings onto standard Capes and Newcastlemaxes, according to Braemar. This trend represents a major shift for the draught‑limited trade previously dominated by smaller bulkers.
